Which of the following is a component of the incomes approach to GDP?
A) consumption expenditure
B) wages and salaries
C) investment
D) government expenditure on goods and services
B
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Which of the following parties is likely to have the most information about the health of an individual who is trying to purchase health insurance?
A) the individual who is trying to purchase the policy B) the employer of the individual C) the health insurance company D) All parties in the health insurance market have access to the same amount of information.
"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
a. Fairness of contribution. b. Ability-to-pay. c. Benefits-received. d. Inexperience-to-collect.
The classical notion of monetary neutrality is consistent both with a vertical long-run aggregate-supply curve and with a vertical long-run Phillips curve
a. True b. False Indicate whether the statement is true or false
Demand is more elastic for an item for which few substitutes are available.
Answer the following statement true (T) or false (F)